Germany based Real I.S. has acquired the two office buildings of Surry Hills House and No.1 Lacey Street in Sydney for its Real I.S. Australian Institutional Portfolio fund from local developer Cornerstone Property Group.
The two multi-tenant properties with an NLA totalling around 6,900 sqm are virtually fully let. The parties have agreed to keep the purchase price confidential.
Surry Hills House was completed in 1973 and No. 1 Lacey Street was built back in 1912. The adjoining buildings are located on the corner of Kippax Street and Waterloo Street and comprise eight upper storeys and two basement floors, along with 50 parking spaces. The two buildings underwent complete refurbishment over the period from 2017 to 2020. Work on the facades was carried out, air-conditioning and other mechanical equipment installed, and a new roof terrace was built to serve as meeting place for all tenants.
“Surry Hills House is considered one of Sydney’s most modern office buildings in the creative centre of Surry Hills. The refurbished interior, designed in the style of a New York loft from the 1950s, is top quality and fosters a creative working environment, which is ideal for the creative and technology sector,” explains Tobias Kotz, Head of Client Relations & Capital Funding of Real I.S. AG.
The office buildings in Sydney are close to the main station which enables it to benefit from the Central Station Technology Precinct project initiated and overseen by the government and technology player Atlassian. The aim is to turn the sub-market development into Australia’s Silicon Valley. All essential means of public transport, including the Central Station, light rail, bus services and the future metro station, can be reached on foot within a radius of a maximum 400 metres.
An inner-city suburb on the fringe of Sydney CBD, the assets are located two kilometres southeast of the Sydney CBD GPO at Martin Place and seven kilometres north of Sydney Airport.
Surry Hills is characterised by medium density inner-city office, retail and residential accommodation centred around Kippax, Foveaux and Albion Street in an east-west direction as well as Riley, Crown and Bourke Streets in a north-south direction.